Housing Development Finance Corp. Ltd (HDFC) is looking to list its mutual fund unit in 2018 and is also evaluating a plan to start a distressed asset fund, chairman Deepak Parekh said.
The mortgage lender is set to list its life insurance unit, HDFC Standard Life Insurance Co. Ltd, with an initial public offering (IPO) opening on 7 November.
“We are listing it (the asset management business) in the first quarter,” Parekh said in an interview on Saturday. HDFC Asset Management Co. Ltd managed average assets of Rs2.69 trillion in the quarter ended September. It could potentially become the second asset management company to list in India after Reliance Nippon Asset Management Co. Ltd, whose IPO saw was subscribed 81.45 times when it closed on Friday.
